JSW Steel Ltd

Purpose

• Special resolution to approve Piombino Steel Limited's amalgamation with JSW Steel Limited under Sections 230-232.

Meeting Details

• Meeting held Aug 21, 2026 via VC/OAVM under NCLT order.

Key Resolutions

• Special resolution to approve Piombino–JSW amalgamation.

Voting Outcome

• Total votes polled: 2,179,051,525; in favour: 2,148,288,337; against: 30,763,188.
• Promoter group in favour: 100% of votes polled; Public Institutions: 94.01% in favour.
• Public Non-Institutions: 99.9947% in favour; 0.0053% against.
• Overall: 98.5882% in favour on votes polled.

Shareholder/Creditor Impact

• Amalgamation proposal; Piombino Steel will merge into JSW Steel, subject to court sanction.

Next Steps

• Awaiting Hon'ble NCLT sanction; timeline not disclosed.

Purpose

• Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited and their shareholders.

Key Resolutions/Business

• Approval of the amalgamation scheme under Sections 230–232 of the Companies Act 2013.

Voting Outcome

• Resolution approved by requisite majority; no category-wise breakdown disclosed.

Shareholder/Creditor Impact

• Scheme effects consolidation; no exchange ratio disclosed.

Next Steps

• NCLT sanction pending; results to be published on JSW.in and KFin.

Investor Presentation

• JSW Steel Ltd uploaded an Investor Presentation under Regulation 30 of the Listing Regulations 2015.
• Presentation link is hosted on JSW Steel's official site.
• Filing date: August 12, 2026.

Meeting Details

• Dates: 17–19 August 2026; Location: Singapore and Hong Kong.
• Meeting type: 1x1 and group investor meetings.
• Organizer: JSW Steel Limited.

Purpose

• Purpose: Analyst/institutional investor meetings.

Production and utilisation

• Consolidated crude steel production for July 2026: 24.02 lakh tonnes, up 3% YoY.
• Indian operations produced 23.39 lakh tonnes; JSW Steel USA – Ohio 0.63 lakh tonnes.
• Capacity utilisation at Indian operations was 87% for July 2026.
• BF3 at Vijayanagar is ramping up, currently above 80% of capacity.
• Vijayanagar capacity expansion to ~25 MTPA by FY30.

Credit rating and debt metrics

• Moody's assigns Baa3 long-term issuer rating with stable outlook for JSW Steel.
• Net debt declines to ₹46,157 crore as of June 30, 2026.
• Net Debt/EBITDA improves to 1.46x by June 2026 from 3.34x at March 31, 2025.
• Crude steel capacity stands at 31.9 MTPA in India; 36.4 MTPA with JVs.

Capacity expansion and projects

• Vijayanagar expansion: 5 MTPA brownfield plus 1.5 MTPA debottlenecking.
• Dolvi 5 MTPA expansion expected to commission in FY2027-28.
• Dolvi phase 3 commissioning planned next year to support earnings.
• Expansion at Vijayanagar and Dolvi to lift earnings and credit metrics.

Management commentary

• CEO commentary highlights Vijayanagar and Dolvi expansions and JFE/POSCO partnerships.
• CFO commentary emphasizes disciplined capital allocation and stronger balance sheet.
• Rating rationale notes debt reduction and asset divestment.

Purpose of Meeting

• Scheme of Amalgamation: Piombino Steel Transferor with JSW Steel Transferee and shareholders.
• Tribunal order dated 02-Jul-2026 directs equity shareholder meeting on 21-Aug-2026 (12:00 IST) via VC.
• Meeting to seek approval under Sections 230-232 and listing/regulatory requirements.
• Cut-off for e-voting on Aug 14; remote e-voting Aug 18–20.
• Tribunal-appointed Chairperson and Scrutinizer for the Meeting.

Key Resolutions/Business

• Approve Scheme and authorize Board to implement and modify per regulators.
• Permit share-exchange mechanics and listing of new JSW shares.
• Transferor to dissolve on effectiveness; post-merger capital adjustments.

Voting Outcome

• No voting results reported in filing; outcome depends on Tribunal sanction and majority.
• Scheme requires majority by equity shareholders and creditors; public approval per SEBI circular.

Shareholder/Creditor Impact

• Share exchange ratio: 10 JSW shares for 156 PSL shares.
• PSL dissolves; PSL shareholders become JSW shareholders.
• New JSW shares listed; listing conditions and freezing until listing.
• Pre/post-scheme shareholding patterns shown in Annexures.

Next Steps

• Await Tribunal sanction and stock-exchange observations; RoC filings.
• Execution steps: listing application, CAA-2 filing; timelines depend on approvals.

Rating Action

• ICRA upgrades JSW Steel's long-term rating to AA+ with Stable outlook.
• Short-term ratings reaffirmed: A1+ for fund-based and non-fund-based facilities.
• NCD programme INE019A08033 rating withdrawn after full redemption.

Rationale & Drivers

• Slump sale of Bhushan Power assets reduces consolidated debt significantly.
• FY2027 adjusted net leverage expected around 2x; below 2.5x over 3–4 years.
• FY2026 OPBDIT/tonne above Rs 11,000; volumes up ~12%.
• Capex of Rs 1,30,528 crore FY2027–FY2031; execution risk mitigated by track record.
• 61% of FY2026 sales from value-added products supports margins.
• Strong liquidity: Rs 41,151 crore cash (Mar 2026); Rs 21,630 crore cash (Jun 2026).
• Exposure to coking coal and forex risks; hedging policy mitigates revenue impact.
• Promoter equity pledge at 11.8% may constrain financial flexibility.
• Supreme Court judgement on mineral rights tax remains monitorable.

Outlook

• Outlook: Stable.

Material Changes

• Rating removed from Rating Watch with Positive Implications following slump sale completion.

Instruments & Ratings

• Long-Term Fund-Based/Term Loans/Standby LC: AA+ (Stable) upgrade.
• Long-Term/Short-Term Fund-Based/Non-Fund Based: AA+ (Stable)/A1+; upgrade.
• Short-Term Fund-Based: A1+; reaffirmed.
• Short-Term Non-Fund Based: A1+; reaffirmed.
• Non-Convertible Debentures: AA+ (Stable); withdrawn for matured issue INE019A08033.
• Commercial Paper Programme: A1+; reaffirmed.

Rating Action & Ratings

• Rating agency: ICRA Limited.
• Long-Term Fund Based Term Loans/Standby LC Facilities upgraded to AA+; outlook Stable.
• Long-Term/Short-Term Fund Based/Non-Fund Based facilities: Long-Term upgraded to AA+; Short-Term reaffirmed at A1+.
• Short-Term Fund Based/Non-Fund Based facilities: Short-Term rating reaffirmed at A1+.
• Non-Convertible Debentures upgraded to AA+; Outlook Stable.
• Commercial Paper reaffirmed at A1+.
• Date of rating: July 30, 2026.
• Previous rating included 'AA' watch with positive implications.